Thursday 18 January 2018

Showband legend's nephew part of €15m POD takeover

Tom Lyons

The POD, a nightclub famed for its dance music and for hosting Prince and Bono on the same stage, is on the verge of finally being sold to a consortium of businessmen, including the nephew of the late show-band star Joe Dolan.

The group, which is also backed by businessman Tom Anderson, plans to pay €15m to take over the Dublin nightclub which was founded by John Reynolds, the nephew of Albert Reynolds, a former show-band promoter who became Taoiseach.

The other new members of the group taking over the POD are businessmen Colin Dolan, Ian Redmond and Mike Ormond. Dolan is a shareholder in Flannery's on Wexford Street, as well as being a nephew of Joe Dolan.

Anderson, a member of the Ward Anderson cinema group family, and Ormond are also investors in Bay Broadcasting, the radio station group.

Simon Carty Solicitors are acting for the consortium.

The POD's prospective new owners plan to rebrand it as a new nightclub called 'The Marquee' after a famous nightclub in Las Vegas. The company which formerly controlled the venue, POD Entertainment, went into receivership last year on foot of loans to AIB. The Receiver is Aiden Murphy of Crowe Horwath.

The consortium is buying the 25-year lease on the site but they also have an option to buy the building outright in the future.

Sunday Indo Business

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